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Tuesday, 24 April 18
IMO AIMS TO HALVE GLOBAL SHIPPING EMISSIONS - BUT WHAT WILL IT COST? - WOOD MACKENZIE
Global bunker fuel costs could rise by up to US$60 billion annually from 2020, in a full compliance scenario, when the International Maritime Organization's (IMO) 0.5 wt% sulphur cap for bunker fuels kicks in.
Fuel oil, which is high in sulphur content, has traditionally been used by the shipping industry as bunker fuel. In 2017, global demand for high-sulphur fuel oil stood at over 70% of overall bunker fuels.
With the implementation of the IMO regulation in 2020, shippers will have to consider a switch to alternative fuels, such as Ultra Low Sulphur Fuel Oil (ULSFO) or marine gas oil (MGO), or install scrubbers, a system that removes sulphur from exhaust gas emitted by bunkers.
Installing scrubbers may be an economically attractive option. Although there is an initial investment, shippers can expect a rate of return of between 20% and 50% depending on investment cost, MGO-fuel oil spread and ships' fuel consumption. However, the penetration rate for scrubbers could be limited by a number of factors, including access to finance, scrubber manufacturing capacity and dry-dock space.
Demand from the bunker fuels market will total about 5.3 million b/d in 2020, according to Wood Mackenzie forecasts.
Based on pure ULSFO refinery streams, available ULSFO volumes in 2020 will total about 1.2 million b/d. This could be boosted by further blending ULSFO with vacuum gas oil (VGO) streams, but VGO is a valuable feedstock for the production of other lighter refinery products, and may not be readily available.
It is likely that MGO will help meet additional demand from the shipping sector. Wood Mackenzie estimates that this will see MGO demand rise by over 1 million b/d in 2020 in our base case outlook. Meeting this demand will require higher crude runs with residue upgrading units, particularly in the US and China, supporting an uplift in refining margins.
It also provides refiners, particularly in the US and China, the opportunity to capture the value of their ULSFO component streams and increase their share of the global bunker market.
Some refiners should see better profit margins as incremental demand for MGO rises, pushing up its price. Higher refining runs, required to meet additional MGO demand, could potentially push global gasoline market into surplus weakening gasoline prices. This could mean that the gasoline pain for some refiners could be more acute than the impact of weaker HSFO prices. Overall, we expect a material impact on refining economics post IMO and refiners must ensure they have a robust IMO strategy in place.
We also expect a shift in bunkering locations based on compliant fuels availability. Singapore, for example, could potentially lose some of its market share for bunker fuels to China as shippers look for alternative locations with a surplus of compliant fuels. China, with ample MGO supply, is well positioned to attract shippers.
New greenfield upgrading investments from refiners are unlikely to be purely driven by IMO regulation, and there is a need to look at longer-term rationale and strategic fit of these projects. Structural shifts in the fuel oil and gasoil markets may result in better economics, but that needs to be re-evaluated. For refiners choosing not to invest, the focus should be on infrastructure to capture the opportunity from their existing configuration and internal streams.
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Monday, 24 April 17
THE FREIGHT MARKET WAS DOWN WEEK OVER WEEK EXCEPT FOR HANDYSIZE SEGMENT
COALspot.com: The Freight market was fell, week over a week as all segments show a negative downward trend except Handy Size segment this past week ...
Friday, 21 April 17
US WEEKLY COAL OUTPUT ON THE UP, EIA DATA SHOWS
COALspot.com – U.S., the world’s second largest coal producers have produced approximately totalled an estimated 14.9 million short ton ...
Thursday, 20 April 17
SHIPPING POOLS: DON'T JUST DIVE IN - MOORE STEPHENS
Shipping pools can be an attractive option for ship owners and operators, particularly in difficult markets and during periods of economic uncertai ...
Thursday, 20 April 17
THE DRY BULK MARKET IS STILL ON ITS UPWARD MOMENTUM - ALLIED SHIPPING
Having gone through the first quarter of the year and with the Easter break having no come and gone, it seems as though the dry bulk market is stil ...
Thursday, 20 April 17
CHINA'S IMPORT OF IRON ORE TO PROPEL DRY BULK SHIPPING DEMAND IN 2017 - PETER SAND
China's import of iron ore will continue to be a key driver for the demand growth in 2017 for the dry bulk shipping industry, alongside shippin ...
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Showing 2066 to 2070 news of total 6871 |
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- Binh Thuan Hamico - Vietnam
- Petrochimia International Co. Ltd.- Taiwan
- Bhushan Steel Limited - India
- Oldendorff Carriers - Singapore
- Billiton Holdings Pty Ltd - Australia
- Jorong Barutama Greston.PT - Indonesia
- Lanco Infratech Ltd - India
- Baramulti Group, Indonesia
- Indogreen Group - Indonesia
- SMC Global Power, Philippines
- Directorate General of MIneral and Coal - Indonesia
- Makarim & Taira - Indonesia
- Directorate Of Revenue Intelligence - India
- European Bulk Services B.V. - Netherlands
- Mintek Dendrill Indonesia
- Siam City Cement - Thailand
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- GN Power Mariveles Coal Plant, Philippines
- AsiaOL BioFuels Corp., Philippines
- Essar Steel Hazira Ltd - India
- Global Green Power PLC Corporation, Philippines
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Posco Energy - South Korea
- GAC Shipping (India) Pvt Ltd
- Australian Coal Association
- Chamber of Mines of South Africa
- Leighton Contractors Pty Ltd - Australia
- Bharathi Cement Corporation - India
- Energy Link Ltd, New Zealand
- Minerals Council of Australia
- ICICI Bank Limited - India
- Bukit Baiduri Energy - Indonesia
- Kumho Petrochemical, South Korea
- Thai Mozambique Logistica
- Interocean Group of Companies - India
- Eastern Coal Council - USA
- Grasim Industreis Ltd - India
- VISA Power Limited - India
- CNBM International Corporation - China
- Formosa Plastics Group - Taiwan
- Africa Commodities Group - South Africa
- Parliament of New Zealand
- TNB Fuel Sdn Bhd - Malaysia
- Marubeni Corporation - India
- Wilmar Investment Holdings
- Heidelberg Cement - Germany
- Toyota Tsusho Corporation, Japan
- Indo Tambangraya Megah - Indonesia
- Banpu Public Company Limited - Thailand
- CIMB Investment Bank - Malaysia
- Gujarat Mineral Development Corp Ltd - India
- Merrill Lynch Commodities Europe
- White Energy Company Limited
- Attock Cement Pakistan Limited
- Semirara Mining Corp, Philippines
- Aboitiz Power Corporation - Philippines
- Bayan Resources Tbk. - Indonesia
- GVK Power & Infra Limited - India
- Malabar Cements Ltd - India
- Independent Power Producers Association of India
- Anglo American - United Kingdom
- Xindia Steels Limited - India
- Intertek Mineral Services - Indonesia
- LBH Netherlands Bv - Netherlands
- Kobexindo Tractors - Indoneisa
- Metalloyd Limited - United Kingdom
- Meenaskhi Energy Private Limited - India
- Mercator Lines Limited - India
- Manunggal Multi Energi - Indonesia
- Dalmia Cement Bharat India
- Energy Development Corp, Philippines
- Madhucon Powers Ltd - India
- PNOC Exploration Corporation - Philippines
- Riau Bara Harum - Indonesia
- Maheswari Brothers Coal Limited - India
- San Jose City I Power Corp, Philippines
- Latin American Coal - Colombia
- Wood Mackenzie - Singapore
- Sical Logistics Limited - India
- Planning Commission, India
- Carbofer General Trading SA - India
- Deloitte Consulting - India
- Economic Council, Georgia
- The University of Queensland
- New Zealand Coal & Carbon
- Kartika Selabumi Mining - Indonesia
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Kepco SPC Power Corporation, Philippines
- Vizag Seaport Private Limited - India
- Siam City Cement PLC, Thailand
- Straits Asia Resources Limited - Singapore
- Kalimantan Lumbung Energi - Indonesia
- Meralco Power Generation, Philippines
- Borneo Indobara - Indonesia
- Holcim Trading Pte Ltd - Singapore
- Karaikal Port Pvt Ltd - India
- Jindal Steel & Power Ltd - India
- Ceylon Electricity Board - Sri Lanka
- MS Steel International - UAE
- Mercuria Energy - Indonesia
- Trasteel International SA, Italy
- Price Waterhouse Coopers - Russia
- Thiess Contractors Indonesia
- Antam Resourcindo - Indonesia
- Asmin Koalindo Tuhup - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Bhoruka Overseas - Indonesia
- Therma Luzon, Inc, Philippines
- Savvy Resources Ltd - HongKong
- Larsen & Toubro Limited - India
- Port Waratah Coal Services - Australia
- Central Java Power - Indonesia
- Globalindo Alam Lestari - Indonesia
- Uttam Galva Steels Limited - India
- GMR Energy Limited - India
- Parry Sugars Refinery, India
- SN Aboitiz Power Inc, Philippines
- Karbindo Abesyapradhi - Indoneisa
- Kapuas Tunggal Persada - Indonesia
- Electricity Generating Authority of Thailand
- Ministry of Transport, Egypt
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Tamil Nadu electricity Board
- Vijayanagar Sugar Pvt Ltd - India
- Power Finance Corporation Ltd., India
- Maharashtra Electricity Regulatory Commission - India
- Kideco Jaya Agung - Indonesia
- Sakthi Sugars Limited - India
- Pendopo Energi Batubara - Indonesia
- Indonesian Coal Mining Association
- Altura Mining Limited, Indonesia
- Global Coal Blending Company Limited - Australia
- PowerSource Philippines DevCo
- Simpson Spence & Young - Indonesia
- Bukit Asam (Persero) Tbk - Indonesia
- Renaissance Capital - South Africa
- Georgia Ports Authority, United States
- South Luzon Thermal Energy Corporation
- IHS Mccloskey Coal Group - USA
- Orica Australia Pty. Ltd.
- Salva Resources Pvt Ltd - India
- Vedanta Resources Plc - India
- Sree Jayajothi Cements Limited - India
- Sarangani Energy Corporation, Philippines
- Gujarat Sidhee Cement - India
- Agrawal Coal Company - India
- Eastern Energy - Thailand
- Samtan Co., Ltd - South Korea
- International Coal Ventures Pvt Ltd - India
- Indian Oil Corporation Limited
- Bangladesh Power Developement Board
- McConnell Dowell - Australia
- Medco Energi Mining Internasional
- Standard Chartered Bank - UAE
- Cigading International Bulk Terminal - Indonesia
- Kaltim Prima Coal - Indonesia
- Indian Energy Exchange, India
- Jaiprakash Power Ventures ltd
- Offshore Bulk Terminal Pte Ltd, Singapore
- Aditya Birla Group - India
- Commonwealth Bank - Australia
- Global Business Power Corporation, Philippines
- Gujarat Electricity Regulatory Commission - India
- Bhatia International Limited - India
- PTC India Limited - India
- Bahari Cakrawala Sebuku - Indonesia
- Barasentosa Lestari - Indonesia
- The State Trading Corporation of India Ltd
- London Commodity Brokers - England
- Bukit Makmur.PT - Indonesia
- Rio Tinto Coal - Australia
- Coastal Gujarat Power Limited - India
- Chettinad Cement Corporation Ltd - India
- Central Electricity Authority - India
- Ambuja Cements Ltd - India
- Rashtriya Ispat Nigam Limited - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Videocon Industries ltd - India
- India Bulls Power Limited - India
- TeaM Sual Corporation - Philippines
- PetroVietnam Power Coal Import and Supply Company
- The Treasury - Australian Government
- Tata Chemicals Ltd - India
- Coalindo Energy - Indonesia
- Iligan Light & Power Inc, Philippines
- Electricity Authority, New Zealand
- Goldman Sachs - Singapore
- Indika Energy - Indonesia
- Singapore Mercantile Exchange
- Cement Manufacturers Association - India
- Sojitz Corporation - Japan
- Australian Commodity Traders Exchange
- Ministry of Finance - Indonesia
- Timah Investasi Mineral - Indoneisa
- Star Paper Mills Limited - India
- Pipit Mutiara Jaya. PT, Indonesia
- Sindya Power Generating Company Private Ltd
- Semirara Mining and Power Corporation, Philippines
- Krishnapatnam Port Company Ltd. - India
- Orica Mining Services - Indonesia
- OPG Power Generation Pvt Ltd - India
- Alfred C Toepfer International GmbH - Germany
- SMG Consultants - Indonesia
- Mjunction Services Limited - India
- Miang Besar Coal Terminal - Indonesia
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- Ind-Barath Power Infra Limited - India
- Sinarmas Energy and Mining - Indonesia
- Bulk Trading Sa - Switzerland
- Neyveli Lignite Corporation Ltd, - India
- Ministry of Mines - Canada
- Edison Trading Spa - Italy
- Coal and Oil Company - UAE
- Romanian Commodities Exchange
- Petron Corporation, Philippines
- IEA Clean Coal Centre - UK
- ASAPP Information Group - India
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